What does financial abuse mean to the elderly?

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The conceptual definition of financial abuse or exploitation from the National Center on Elder Abuse is: “improper taking, misuse, or concealment of a vulnerable older adult’s (aged 65 or greater) resources, property or assets. The abuser is a person who stands in a position of trust with the older adult, acting for his or her own profit or benefit of a third party, by means of coercion, enticement, intimidation, deception or other forms of undue influence.” Multiple terms have been used to describe the financial abuse of elders, including financial or material exploitation, fiduciary abuse, financial mistreatment or maltreatment, financial or economic victimization, and financial mismanagement. Except for economic victimization and fiduciary abuse, these terms are often used interchangeably. Prominent in intimate partner violence, economic victimization refers to coercive, controlling behaviors by the perpetrator for limiting the victim’s access to funds and resources, thus making the victim financially dependent on the perpetrator. Fiduciary abuse narrows the scope of trusted individuals to those who have a legal obligation to serve the financial interests of the elder through power of attorney, guardianship, and conservatorship.

Center on elder abuse (2015). Conceptual definitions and operational frameworks for five types of perpetrated elder mistreatment [internet]. http://www.centeronelderabuse.org/files/elder_mistreatment_terms.pdf. Accessed 20 Aug 2015.